Financial news categories
Financial news archive
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Banks charges for cash withdrawals "quite high"
09 May 2008
Consumers need to be aware that withdrawing money from an instant access or no notice savings account can come at a high price, according to financial analysts Moneyfacts.
While people can access their money immediately with a no notice account there are strings attached with around 25 per cent of providers applying a penalty charge for withdrawing money.
"The term 'instant access' does mean you can get instant access to your money, but it does not state whether there will be any kind of penalty if you do take out money," said Michelle Slade, analyst at Moneyfacts.
Consumers with instant access saving accounts should also be aware that they will receive a penalty charge for "excessive" withdrawals, according to Moneyfacts.
Ms Slade said: "The bank will pay you a higher rate of interest but they are expecting to keep your money for a serious period of time."
Research by Nationwide revealed that 84 per cent of people think it is important that there is no penalty for withdrawals.
